Owens Corning (OC) Set to Announce Earnings on Wednesday

Owens Corning (NYSE:OC) will be announcing its earnings results before the market opens on Wednesday, April 24th. Analysts expect the company to announce earnings of $3.03 per share for the quarter. Investors interested in registering for the company’s conference call can do so using this link.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.39. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the prior year, the firm earned $2.49 earnings per share. The business’s revenue was up .8% compared to the same quarter last year. On average, analysts expect Owens Corning to post $14 EPS for the current fiscal year and $16 EPS for the next fiscal year.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $160.11 on Monday. The business has a 50 day simple moving average of $157.70 and a two-hundred day simple moving average of $145.33. Owens Corning has a 12 month low of $98.02 and a 12 month high of $173.65. The stock has a market capitalization of $13.93 billion, a P/E ratio of 12.20, a PEG ratio of 0.28 and a beta of 1.47. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.50%. Owens Corning’s payout ratio is currently 18.29%.

Insider Buying and Selling

In other news, CEO Brian Chambers sold 9,100 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the completion of the transaction, the chief executive officer now directly owns 269,696 shares in the company, valued at $41,417,214.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Brian Chambers sold 9,100 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the transaction, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,672 shares of company stock worth $3,325,799. Company insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its holdings in Owens Corning by 3.7% in the third quarter. State Street Corp now owns 4,301,672 shares of the construction company’s stock valued at $338,154,000 after purchasing an additional 155,155 shares during the period. Bank of America Corp DE raised its stake in Owens Corning by 24.9% in the first quarter. Bank of America Corp DE now owns 1,556,181 shares of the construction company’s stock valued at $149,082,000 after buying an additional 310,487 shares in the last quarter. Geode Capital Management LLC raised its stake in Owens Corning by 2.4% in the first quarter. Geode Capital Management LLC now owns 1,400,910 shares of the construction company’s stock valued at $134,803,000 after buying an additional 32,729 shares in the last quarter. Norges Bank acquired a new stake in Owens Corning in the fourth quarter valued at $111,343,000. Finally, Deutsche Bank AG raised its stake in Owens Corning by 3.6% in the first quarter. Deutsche Bank AG now owns 1,078,388 shares of the construction company’s stock valued at $103,310,000 after buying an additional 37,634 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on OC shares. Evercore ISI cut Owens Corning from an “outperform” rating to an “in-line” rating and cut their price target for the company from $163.00 to $154.00 in a report on Thursday, February 15th. Loop Capital increased their price target on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a report on Monday, April 1st. JPMorgan Chase & Co. cut their price target on Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a report on Tuesday, February 20th. Citigroup increased their price target on Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Finally, Truist Financial increased their price target on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a report on Thursday, February 15th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $162.14.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.